Moody's trims Tele Columbus

Moody's Investors Service said it downgraded its ratings for Tele Columbus AG and its senior secured debt instruments to Caa1 from Be and its probability of default rating to Caa1-PD from B3-PD.

"The downgrade reflects the increased refinancing risks as the company approaches debt maturities and its very weak liquidity with additional funding needed before year end 2023," said Agustin Alberti, a Moody's vice president–senior analyst and lead analyst for Tele Columbus, in a press release.

"The current capital structure looks increasingly unsustainable and a significant equity contribution from the shareholder will be needed to complete the refinancing plan successfully" added Alberti.

The outlook remains negative.

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